Montreal’s Luge Capital is announcing $10 million in new funding coming from iA Financial Group and BDC Capital, bringing the size of the venture fund to $85 million.
Luge works with early-stage companies and financial institutions to help build financial service companies. In June 2018 the fund was worth $75 million. The fund has also taken investment money from Desjardins, CDPQ, Sun Life Financial, La Capitale and Fonds de solidarité FTQ.
“We believe David Nault and Karim Gillani have the potential to build a strong franchise here, and we particularly like that they’ve brought in institutional investors that are new to venture capital,” said Jérôme Nycz, Executive Vice President, BDC Capital.
“Our portfolio companies actively engage with our fund investors, trade ideas on industry trends, and work towards commercial partnerships,” added Karim Gillani Co-Founder and General Partner at Luge Capital and former Corporate Development executive at PayPal. “The backing of iA Financial Group and BDC Capital strengthens our value as venture investors, and better positions Luge to support globally minded entrepreneurs.”
“Our investors, network of financial institutions and experienced team help us help companies. Over the last year, we’ve developed a collaboration playbook for early stage fintech companies to work with financial institutions and it’s proving to work well,” said David Nault, Co-Founder and General Partner at Luge Capital. “The addition of iA Financial Group and BDC Capital to the Luge investor base allows us to expand our reach and deepen our ties to industry leaders.”
Photo by Eva Blue